PRINCETON, N.J., June 28, 2013 /PRNewswire/ -- AMREP
Corporation (the "Company") (NYSE:AXR) has successfully
completed its rights offering, which closed at 5:00 PM New York City time on June 27,
2013. The rights offering allowed existing shareholders of
the Company to purchase an aggregate of 1,199,242 shares of the
Company's common stock at $6.25 per
share. Rights were issued to shareholders of record as of
May 31, 2013.
Preliminary results indicate that the rights offering was fully
subscribed and raised gross proceeds of approximately $7.5 million. The rights offering is
expected to result in the issuance of 1,199,242 shares of the
Company's common stock and, following such issuance, the Company
expects to have 7,195,454 shares of common stock outstanding.
The Company also reported that the demand for its shares in the
rights offering exceeded the available shares being offered by
approximately one million shares. Any excess subscription
payments received by the subscription agent will be returned,
without interest, as soon as practicable.
About AMREP Corporation
The Company's Media Services business, conducted by its Kable
Media Services, Inc. and Palm Coast Data LLC subsidiaries,
distributes magazines to wholesalers and provides subscription and
product fulfillment and related services to publishers and others,
and its AMREP Southwest Inc. subsidiary is a major holder of real
estate in New Mexico.
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to the gross proceeds
expected to be raised in the rights offering, the number of shares
expected to be issued as a result of the rights offering and the
excess number of shares requested for subscription in the rights
offering exceeding the available shares being offered in the rights
offering. Words such as "believes," "expects," "projects,"
and "future" or similar expressions are intended to identify
forward-looking statements. These forward-looking statements
are subject to the inherent uncertainties in predicting future
results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements, and some of these factors are
enumerated in the filings the Company makes with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SOURCE AMREP Corporation